Description
Introduction
Growing environmental awareness among individuals across the globe has been pushing the aircraft engine manufacturers to shift their focus towards efficiency. Manufacturers are focused on the production of aircraft engines that significantly curb carbon emissions and are fuel efficient at the same time. Of late, the manufacturers employ the application of composites on fan blades and other components, which results in reduction in the weight of engines to up to 1,000 pounds on average. This, in turn, delivers higher fuel efficiency for an aircraft engine.
The increasing demand for fuel efficient and light weight engines is one of the primary factors driving the aircraft turbofan engine market in the recent years. With most of the major manufacturers competing in the market and trying to acquire a higher market share by delivering higher quality products as compared to their competitors the market is expected to grow at a very high CAGR. Therefore, the global aircraft turbofan engine market is expected to grow at a CAGR of approximately 6%, during the forecast period.
Regional Analysis
In 2016, the Americas were the leading the aircraft turbofan engine market. A number of the major engine manufacturers (such as Pratt & Whitney and GE Aviation) are present in the region, gaining the region a high market share. The Americas are home to few of the world’s most renowned commercial aircraft and business jet manufacturers, i.e., Boeing, Bombardier, Gulfstream, and Embraer. The U.S., in particular, is making substantial investments in producing advanced turbofan engines, which will be integrated across modern fighter jets and MEA such as Boeing 787. Although, Brazil and Canada make some investments in the development of these engines, yet the market is primarily dominated by the US. As a result, it is expected that the aircraft turbofan engine market in the Americas would grow at a CAGR of approximately 7%, during the forecast period.
Key Players
The key players of aircraft turbofan engine market include GE Aviation, Pratt & Whitney, Safran Aircraft Engines, Rolls Royce, CFM International, Honeywell International, Engine Alliance, MTU Aero Engines, International Aero Engines AG, and Aviadvigatel. In 2016, CFM International, GE Aviation, and Pratt & Whitney accounted for a market share of approximately 75%.
Objective of the Global Aircraft Turbofan Engine Market, Analysis & Forecast, from 2017 to 2023
• To provide insights about factors influencing and affecting the market growth.
• To provide historical and forecast revenue of the market segments as well as sub-segments with respect to regional markets and their key countries
• To provide historical and forecast revenue of the market segments based on aircraft type and application.
• To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market
Target Audience
• Manufactures
• Raw materials suppliers
• Aftermarket suppliers
• Research institute & education institute
• Potential investors
• Key executive (CEO and COO) and strategy growth manager
Key Findings
• On the basis of aircraft type, the market is segmented as Wide body Aircraft and Narrow body Aircraft. Narrow-body Aircraft is projected to grow at the highest CAGR of ~6% during the forecast period.
• Market categorization based on applications includes Commercial Air Transport and military Aviation. Commercial Air Transport Segment held the largest share with ~6.5% CAGR within the market during the forecast period.
• Americas dominates the global aircraft turbofan engine market with 42% of share in 2016, in terms of value. It is expected to grow at a CAGR of ~7% during the forecast period. EMEA is expected to grow at a CAGR of ~5.60 % during the forecast period and reach a market size of USD ~14000 million by 2023.
The regional analysis also includes –
• America
o U.S.
o Canada
o Rest of Americas
• EMEA
o U.K.
o Russia
o France
o Rest of EMEA
• Asia-Pacific
o China
o Japan
o Rest of Asia-Pacific
1 Executive Summary 12
2 Introduction 14
2.1 Definition 14
2.2 Scope of the Study 14
2.3 Assumptions 14
2.4 Market Structure 15
2.5 Key Takeaways of the Market 15
3 Research Methodology 16
3.1 Research Process 16
3.2 Primary Research 17
3.3 Secondary Research 17
3.4 Market Size Estimation 17
3.5 Forecast Model 19
4 Market Dynamics 20
4.1 Drivers 20
4.1.1 Development of Next-Generation Engines 20
4.1.2 Rapid Fleet Expansion 21
4.1.3 Increasing Demand For Fuel Efficient and Light weight Engines 21
4.2 Challenges 22
4.2.1 Impact on the Environment 22
4.2.2 High Manufacturing Costs 22
4.3 Opportunities 23
4.3.1 Increasing Use of Biofuels 23
4.4 Trends 23
4.4.1 Continued Usage of Advanced Materials in Engines 23
4.4.2 Evolution of 3D printing 24
5 Market Factor Analysis 25
5.1 Supply Chain of the Global Aircraft Turbofan Engine Market 25
5.2 Porter’s Five Forces Analysis 26
5.2.1 Threat of New Entrants 26
5.2.2 Bargaining Power of Suppliers 26
5.2.3 Bargaining Power of Buyers 26
5.2.4 Threat of Substitutes 27
5.2.5 Rivalry 27
6 Major Aircraft Turbofan Engines 28
6.1 CFM56 28
6.2 PW4000 28
6.3 GEnx 29
6.4 Trent 1000 29
6.5 PW1000 29
6.6 CFM LeapX 30
6.7 GP7000 30
6.8 F135 30
6.9 F414 31
6.10 V2500 31
7 Global Aircraft Turbofan Engine Market, By Application 32
7.1 Introduction 33
7.1.1 Commercial Air Transport 33
7.1.2 Military Aviation 33
8 Global Aircraft Turbofan Engine Market, By Aircraft Type 36
8.1 Introduction 37
8.1.1 Widebody Aircraft 37
8.1.2 Narrowbody Aircraft 37
9 Aircraft Turbofan Engine Market, By Region 40
9.1 Introduction 41
9.2 Americas 43
9.2.1 U.S. 46
9.2.2 Canada 47
9.2.3 Rest Of Americas 48
9.4 EMEA 50
9.4.1 U.K. 53
9.4.2 France 54
9.4.3 Russia 55
9.4.4 Rest Of EMEA 56
9.5 APAC 57
9.5.1 China 60
9.5.2 Japan 61
9.5.3 Rest of APAC 62
10 Patent Trends 63
11 Competitive Scenario 68
11.1 Competitive Landscape 68
11.2 Global Aircraft Turbofan Engine Market Share of Top 3 and Top 5 Players/Manufacturers 70
12 Company Profiles 71
12.1 GE Aviation 71
12.1.1 Company Overview 71
12.1.2 Financial Overview 71
12.1.3 Product/Service Offering 72
12.1.4 GE Aviation: Key Developments 73
12.1.5 GE Aviation: SWOT Analysis 73
12.2 Pratt & Whitney 74
12.2.1 Company Overview 74
12.2.2 Financial Overview 74
12.2.3 Product/Business Offering 75
12.2.4 Key Developments 76
12.2.5 SWOT Analysis 77
12.3 Rolls-Royce 78
12.3.1 Company Overview 78
12.3.2 Financial Overview 78
12.3.3 Product/Service Offering 80
12.3.4 Key Developments 80
12.3.5 Rolls-Royce: SWOT Analysis 81
12.4 International Aero Engines 82
12.4.1 Company Overview 82
12.4.2 Financial Overview 82
12.4.3 Product/Service Offering 82
12.4.4 Key Developments 82
12.5 Safran Aircraft Engines 84
12.5.1 Company Overview 84
12.5.2 Financial Overview 85
12.5.3 Product/Service Offering 85
12.5.4 Key Development 86
12.5.5 Safran Aircraft Engines: SWOT Analysis 86
12.6 CFM International 87
12.6.1 Financial Overview 87
12.6.2 Product/Service Offering 87
12.6.3 Key Developments 87
12.6.4 SWOT Analysis 87
12.7 Honeywell International 89
12.7.1 Company Overview 89
12.7.2 Financial Overview 89
12.7.3 Product/Service Offering 90
12.7.4 Key Developments 90
12.7.5 SWOT Analysis 91
12.8 MTU Aero Engines 92
12.8.1 Company Overview 92
12.8.2 Financial Overview 93
12.8.3 Product/Service Offering 93
12.8.4 Key Developments 94
12.9 Engine Alliance 95
12.9.1 Company Overview 95
12.9.2 Financial Overview 95
12.9.3 Product/Service Offering 95
12.9.4 Key Developments 95
12.10 UEC-Aviadvigatel 96
12.10.1 Company Overview 96
12.10.2 Financial Overview 96
12.10.3 Product/Service Offering 96
12.10.4 Key Developments 97
TABLE 1 MARKET SYNOPSIS 13
TABLE 2 GLOBAL AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 35
TABLE 3 GLOBAL AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015-2023 (USD MILLION) 39
TABLE 4 GLOBAL AIRCRAFT TURBOFAN ENGINE MARKET, BY REGION, 2015-2023 (USD MILLION) 43
TABLE 5 AMERICAS: AIRCRAFT TURBOFAN ENGINE MARKET, BY COUNTRY, 2015-2023 (USD MILLION) 44
TABLE 6 AMERICAS: AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 45
TABLE 7 AMERICAS: AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015-2023 (USD MILLION) 46
TABLE 8 U.S.: AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 46
TABLE 9 U.S.: AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015-2023 (USD MILLION) 47
TABLE 10 CANADA: AIRCRAFT TURBOFAN ENGINE MARKET, BY VEHCILE AIRCRAFT TYPE, 2015-2023 (USD MILLION) 47
TABLE 11 CANADA: AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015-2023 (USD MILLION) 48
TABLE 12 REST OF AMERICAS: AIRCRAFT TURBOFAN ENGINE MARKET, BY VEHCILE AIRCRAFT TYPE, 2015-2023 (USD MILLION) 48
TABLE 13 REST OF AMERICAS: AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015-2023 (USD MILLION) 49
TABLE 14 EMEA: AIRCRAFT TURBOFAN ENGINE MARKET, BY COUNTRY, 2015-2023 (USD MILLION) 50
TABLE 15 EMEA: AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 51
TABLE 16 EMEA: AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015-2023 (USD MILLION) 52
TABLE 17 U.K.: AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 53
TABLE 18 U.K.: AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015-2023 (USD MILLION) 53
TABLE 19 FRANCE: AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 54
TABLE 20 FRANCE: AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015-2023 (USD MILLION) 54
TABLE 21 RUSSIA: AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 55
TABLE 22 RUSSIA: AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015-2023 (USD MILLION) 55
TABLE 23 REST OF EMEA: AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 56
TABLE 24 REST OF EMEA: AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015-2023 (USD MILLION) 56
TABLE 25 APAC AIRCRAFT TURBOFAN ENGINE MARKET, BY COUNTRY, 2015-2023 (USD MILLION) 57
TABLE 26 APAC AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 58
TABLE 27 APAC AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE,2015-2023 (USD MILLION) 59
TABLE 28 CHINA AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 60
TABLE 29 CHINA AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015-2023 (USD MILLION) 60
TABLE 30 JAPAN AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 61
TABLE 31 JAPAN AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015-2023 (USD MILLION) 61
TABLE 32 REST OF APAC AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 62
TABLE 33 REST OF APAC AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015-2023 (USD MILLION) 62
TABLE 34 MAJOR GRANTED PATENTS ON AIRCRAFT TURBOFAN ENGINE (JULY 11TH, 2012 – JULY 11TH, 2017) 63
TABLE 35 PRATT & WHITNEY: KEY DEVELOPMENTS 76
TABLE 36 ROLLS-ROYCE: KEY DEVELOPMENTS 80
TABLE 37 MTU AERO ENGINES: KEY DEVELOPMENTS 94
TABLE 38 UEC-AVIADVIGATEL: KEY DEVELOPMENTS 97
FIGURE 1 MAJOR TYPES OF AIRCRAFT ENGINE 12
FIGURE 2 KEY TAKEAWAYS OF THE MARKET 15
FIGURE 3 RESEARCH PROCESS OF MRFR 16
FIGURE 4 TOP DOWN & BOTTOM UP APPROACH 18
FIGURE 5 DRIVERS & RESTRAINTS IMPACT ANALYSIS OF GLOBAL AIRCRAFT TURBOFAN ENGINE MARKET 20
FIGURE 6 ADVANTAGES OF 3D PRINTING ON AIRCRAFT ENGINES 24
FIGURE 7 GLOBAL AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015 (% SHARE) 34
FIGURE 8 GLOBAL AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015 TO 2023 (USD MILLION) 35
FIGURE 9 GLOBAL AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015 (%) 38
FIGURE 10 GLOBAL AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015 TO 2023 (USD MILLION) 38
FIGURE 11 GLOBAL AIRCRAFT TURBOFAN ENGINE MARKET, BY REGION, 2015 TO 2023 (USD MILLION) 42
FIGURE 12 AMERICAS: AIRCRAFT TURBOFAN ENGINE MARKET SHARE, BY COUNTRY, 2016 (%) 43
FIGURE 13 AMERICAS: AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015 TO 2023 (USD MILLION) 44
FIGURE 14 GLOBAL AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015 TO 2023 (USD MILLION) 45
FIGURE 15 EMEA: AIRCRAFT TURBOFAN ENGINE MARKET, BY COUNTRY, 2016 (%) 50
FIGURE 16 EMEA: AIRCRAFT TURBOFAN ENGINE MARKET, BY APPLICATION, 2015-2023 (USD MILLION) 51
FIGURE 17 EMEA: AIRCRAFT TURBOFAN ENGIN+E MARKET, BY AIRCRAFT TYPE, 2015-2023 (USD MILLION) 52
FIGURE 18 APAC AIRCRAFT TURBOFAN ENGINE MARKETSHARE, BY COUNTRY, 2016 (%) 57
FIGURE 19 APAC AIRCRAFT TURBOFAN ENGINE MARKET SHARE, BY APPLICATION, 2015 TO 2023 (USD MILLION) 58
FIGURE 20 APAC AIRCRAFT TURBOFAN ENGINE MARKET, BY AIRCRAFT TYPE, 2015 TO 2023 (USD MILLION) 59
FIGURE 21 GEOGRAPHIC DISTRIBUTION OF THE PUBLISHED PATENTS (JULY 11TH, 2012 – JULY 11TH, 2017) 67
FIGURE 22 COMPETITORS BENCHMARKING 69
FIGURE 23 GLOBAL AIRCRAFT TURBOFAN ENGINE MARKET SHARE OF TOP 5 PLAYERS 70
FIGURE 24 GLOBAL AIRCRAFT TURBOFAN ENGINE MARKET SHARE OF TOP 3 PLAYERS 70
FIGURE 25 GE AVIATION: TOTAL REVENUE (USD MILLION) 71
FIGURE 26 GE AVIATION: GEOGRAPHICAL SEGMENTATION 2016 (% SHARE) 72
FIGURE 27 PRATT & WHITNEY, GEOGRAPHICAL SEGMENTATION, (2016 % SHARE) 75
FIGURE 28 PRATT & WHITNEY: SWOT ANALYSIS 77
FIGURE 29 ROLLS ROYCE: BUSINESS SEGMENTS 78
FIGURE 30 ROLLS-ROYCE: TOTAL REVENUE (USD MILLION) 79
FIGURE 31 ROLLS-ROYCE: GEOGRAPHICAL SEGMENTATION 2016 (% SHARE) 79
FIGURE 32 INTERNATIONAL AERO ENGINES AG : TOTAL REVENUE VS SEGMENTAL REVENUE (USD MILLION) 82
FIGURE 33 INTERNATIONAL AERO ENGINES AG : SWOT ANALYSIS 83
FIGURE 34 SAFRAN AIRCRAFT ENGINES: BUSINESS SEGMENTS 84
FIGURE 35 SAFRAN GROUP: TOTAL REVENUE (USD MILLION) 85
FIGURE 36 SAFRAN AIRCRAFT ENGINES: GEOGRAPHICAL REVENUE MIX (2016) 85
FIGURE 37 SAFRAN AIRCRAFT ENGINES: KEY DEVELOPMENTS 86
FIGURE 38 CFM INTERNATIONAL: SWOT ANALYSIS 88
FIGURE 39 HONEYWELL INTERNATIONAL: TOTAL REVENUE VS SEGMENTAL REVENUE (USD MILLION) 89
FIGURE 40 HONEYWELL INTERNATIONAL: SWOT ANALYSIS 91
FIGURE 41 MTU AERO ENGINES: BUSINESS SEGMENTS 92
FIGURE 42 MTU AERO ENGINES: TOTAL REVENUE 93
FIGURE 43 MTU AERO ENGINES: GEOGRAPHIC REVENUE 2016 (%) 93
FIGURE 44 ENGINE ALLIANCE: TOTAL REVENUE VS SEGMENTAL REVENUE (USD MILLION) 95
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